Guide To Contents Insurance For Renters

About 50% of renters don’t purchase contents insurance because they believe that they are covered by the landlord insurance policy, only to find out the hard way that this is not the case. For example, when there is a fire, burglary, or flood.

One of the primary reasons most renters don’t even talk about content insurance is because they don’t have the correct information about what contents insurance for renters is and how to go about it.

In this article, you will get all the necessary information about what contents insurance is, how to get cheap contents insurance for renters, how to raise a claim, and everything surrounding it.

Contents Insurance for Renters

Contents insurance is a type of insurance policy that covers your personal properties in a rented apartment. It mainly covers personal belongings like furniture, electronic gadgets, clothes, and other appliances.

Note that contents insurance is not only limited to personal belongings that are stationary. It also covers items you take with you when you step out of your apartment, such as laptops, radio transmitters, mobile phones, etc.

This type of insurance policy is quite different from other home insurance policies, which mostly favor the landlord or house owner by covering the building, fittings, and fixtures. While the landlord purchases building insurance, you can buy the content insurance as a renter. Contact Surex to get the best deal on contents insurance for renters!

How To Find Cheap Contents Insurance for Renters

Getting cheap content insurance coverage depends on several factors, including your ability to do proper research for a good insurance company, your location, etc. The following will guide you on how to get this done in no time.

Make a List of Insurance Companies Around You

Get on the internet and search for the various insurance companies around your location. After making a list of the insurance companies, zero in on the top 5 that meet your requirements and financial capacity. Next, send a mail requesting more information about their coverage, rates, terms, and conditions. This is one of the easiest ways to weigh your options.

Compare Your Offers

Get a quote from a large and competitive insurance company around you and compare that with the more affordable insurance companies you found in the above step. This will help you get a fair deal and keep you from being shortchanged.

Meet a Broker

Often, you might be confused about the features to look for in contents insurance for renters. If this is the case, contact an insurance broker for advice on getting the right coverage to meet your needs.

Getting a broker is easy. All you have to do is check for one around your locality via a simple Google search. Brokers are experts who understand the insurance policies and will advise you accordingly.

Check the Policy Carefully

By now, you must have zeroed in on a policy that suits your needs. However, make sure you check the policy terms and conditions carefully. It is advisable to get your lawyer to read and explain the terms to you if you do not understand them. Do not forget to double-check whether the quote is suitable.

At this point, you must check for limitations or excesses, which you can take advantage of to adjust and price down the offer. You can then go ahead and buy the coverage!

What is Deductible and How it Works

A deductible is the amount of money that you are required to pay before your policy kicks in. For instance, if you paid a deductible of $500 and there was a robbery in which your laptop worth $2,500 was stolen, you’ll have to shell out the $500 while your insurer will cover the rest $2,000.

Your contents insurance deductible is written in your country currency, and it is clearly stated on the declaration page of your insurance policy. Keep in mind that the larger your deductible, the lower your insurance premium.

How to Make A Claim on Contents Insurance for Renters

Making a claim on your contents insurance should be direct, straightforward, and should not be disconcerting. You should be sober and in a healthy state of mind since you have read and understood the terms and conditions of your insurance policy.

In the event of an accident, you need to take the necessary steps to make a claim depending on the situation. You may be faced with any one of the following two scenarios:

Scenario One: Theft

If some of your belongings have been stolen, report the issue to the police as soon as possible so that you can have a crime reference code. You’ll then have to give this to the insurer to make a claim.

Scenario Two: Emergency Damage

If there is emergency damage, you have to act fast to fix the situation. In a fire or a gas leak, contact the local firefighters ASAP. If there is an electrical problem, contact the local electricity distributor to locate and fix the issue before it deteriorates into a disaster.

Emergency damages require immediate attention to minimize the severity of the aftermath that may generate a more significant problem if not attended to immediately.

Submit Your Claim as Soon and You Can

You should do this almost immediately as it dictates how fast you can expect a response from the insurer. It is essential to contact your insurance company as soon as possible to submit your claim. Sometimes, you may be stuck in an administrative hold-up if your insurer is attending to several claims in that particular period.

When making a claim, you will be required to narrate the scenario and list the items stolen or damaged as a result of the accident. This must be backed up with evidence such as pictures or videos of the lost or damaged items. 

Endnote

Content insurance for renters is one of the safest ways of insuring renters’ personal properties. This policy covers you against theft, fire, flood, etc. You may not own a home, but your properties are valuable, so it is essential to get in touch with an accredited insurance company within your locality and chalk out a policy that best fits your financial status.

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